Pelikan is considered one of the world’s premium brands and renowned as a global manufacturer and distributor of:
• Writing instruments
• Office products
• School & hobby supplies
• Printer consumables
- Pelikan has a worldwide distribution network and manufacturing facilities in 8 countries.
- Often voted as one of the top German brands recognised (brand recognition of 95%).
- A market leader in Germany across many product segments such as Fountain pens, Ink cartridges, School pens, Crayons, Opaque paint boxes, Moulding clay and Ink eradicators.
Revenue:
Americas 8.8%
Asia,ME and Africa 5.0%
Switzerland 17.6%
Germany 41.2%
Italy 7.9%
rest of Europe 19.5%
NTA 1.18
book value per share 1.61
total liabilities yoy -3.25%
total asset +2.55%
current liabilities -7.5% (payables -24.7%)
current assets +4.87%
cash 30/09/08 only RM19.77million
net profit decreased qoq due to stronger sales resulting from 'back to school' in europe in 2nd quarter and decreased yoy due to rising costs of raw materials (taken from 3rd qtr report)
Balance sheet looks healthier than before.No dividend was declared during last 3 qtrs.looking at current cash flow, dividend yield should be lower than last year.
I don't think it's too much to hold pelikan for its international brand name, expanding market presence, defensive stationery business.
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